Bitcoin recorded generally positive price action last week, rising 2.39%, according to Data from CoinMarketCap. The major cryptocurrency suffered a slight decline between Tuesday and Thursday, but quickly rebounded on Friday to trade above $27,000 again.
Meanwhile, celebrating the new month of October, famous cryptocurrency analyst Michael van de Poppe predicted an upcoming uptrend for Bitcoin in the fourth quarter of 2033 based on some forecast events.
Analyst expects Bitcoin to reach $40,000 in Q4 2023 starting with positive ‘Uptober’
via a Share on X On October 1, Michael van der Poppe welcomed his 667,000 followers into October with a lot of optimism for the Bitcoin market, renaming the month “Uptober.”
Overall, the well-known analyst believes that the cryptocurrency bear market is almost over, and Bitcoin may soon record some significant gains, as he expressed in Previous job On September 30th.
Interestingly, Van de Poppe’s optimism extends beyond October to the entire fourth quarter of 2023, where he expects Bitcoin to reach $40,000 before the year runs out. Although this prediction depends on the occurrence of certain events.
Welcome to Uptober.
Welcome to Q4, which is leading toward a great quarter, likely fueled by ETF approvals and a pre-halving rally.
Possibly #Bitcoin To $40,000 is reasonable.
— Michael van de Poppe (@CryptoMichNL) October 1, 2023
First, Michael van der Poppe mentions the potential approval of ETF applications. The ongoing Bitcoin exchange-traded fund (ETF) saga in the United States has attracted a lot of attention over the past few months due to its potential effects on the Bitcoin market.
Right now, analysts are very optimistic about the chances of approval for a spot Bitcoin exchange-traded fund, which could lead to huge gains for the largest crypto asset upon its realization.
Realistically, this approval could occur in the fourth quarter of 2023, as it has the second deadline for most applications.
However, the SEC may decide to postpone its responses to these proposals until the final deadlines, most of which are scheduled to be in the first quarter of 2024. The US securities regulator already uses such tactics, as we saw with the early deadlines for most applications.
Last week, the SEC also announced that it would delay its response to some requests until after the second deadline. These requests included proposals from BlackRock, 21Shares, Bitwise, and Valkyrie.
Source: Bloomberg Intelligence
Bitcoin rises before the halving
In addition to potential ETF approvals, Michael van de Poppe also mentioned a potential pre-halving rally in Bitcoin as a factor that could spur asset growth to $40,000 in Q4 2023.
HistoricallyThe months leading up to the halving event are characterized by a Bitcoin rally, as we saw in 2012 and 2016.
Based on Van de Poppe’s forecast, he expects a similar movement in Bitcoin prices in the coming months before the next Bitcoin halving scheduled for April 2024, during which mining rewards will be reduced from 6.25 BTC to 3.125 BTC.
However, investors should pay attention to black swan events, as we saw with the last Bitcoin halving in 2020. In the months leading up to this halving event, BTC’s pre-halving rally was temporarily impacted by the negative market impacts of the COVID-19 pandemic. .
At the time of writing, Bitcoin is trading at $27,138 with a 1.07% gain in the last day. At the same time, the daily trading volume of the asset decreased by 21.37% and reached $6.28 billion.
BTC trading at $27,170 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
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